Raymond James Financial Inc (NYSE:RJF) Q3 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 08:15 am ET
Good morning, and welcome to Raymond James Financial Fiscal Third Quarter 2020 Earnings Call. My name is Bridget, and I will be your conference facilitator today. [Operator Instructions] And will be available for replay on the company's Investor Relations website.
Now I will turn the call over to Christi Waugh, Head of Investor Relations at Raymond James Financial. Please go ahead.
Thank you, Bridget. Good morning, everyone, and thank you for joining us on this call. We appreciate your time and interest in Raymond James Financial. With us on the call today are Paul Reilly, Chairman and Chief Executive Officer; and Paul Shoukry, Chief Financial Officer. The presentation being reviewed this morning is available on Raymond James' Investor Relations website. Following their prepared remarks, the operator will open the line for questions.
Please note, certain statements made during this call may constitute forward-looking statements. Forward-looking statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, anticipated results of litigation and regulatory development, impacts of the COVID-19 pandemic or general economic conditions.
In addition, words such as believes, expects, could and would as well as any other statements that necessarily depends on future events. Are intended to identify forward-looking statements. Please note that there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We urge you to consider the risks described in the most recent Form 10-K and subsequent forms 10-Q, which are available on our Investor Relations website. During today's call, we will also use certain non-GAAP financial measures to provide information pertinent to our management's view of ongoing business performance. A reconciliation of these non-GAAP measures to the most comparable GAAP measures may be found in the schedule accompanying our press release and presentation.
With that, I'm happy to turn it over to Paul Reilly, Chairman and CEO of Raymond James Financial. Paul?
Paul C. Reilly
Thanks, Kristie, and good morning, everyone, and thanks so much for joining us. This is our second call during the COVID crisis. And but the first one, we're a little more geographically scattered. So technology and Internet willing enable, we should hopefully to have a good call here. I'm really proud of how the firm has performed during this period with the COVID crisis, social justice issues our associates and advisers have been amazing. The advisers have focused on their clients, growing their business with great net new asset numbers. Our associates have really worked hard to support them. And all of Raymond James has come together to discuss and make commitments on the social justice issue. And August is Raymond James Cares month to see how we're helping those needy and smaller groups and virtually is really inspiring.
And getting into the numbers, despite lower short-term interest rates and economic uncertainty associated with COVID-19, I'm really pleased with the results for the third quarter. Fixed income generated record revenues and pretax income, PCG assets and fee-based accounts increased 16% sequentially, and